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Tether Added Nearly 8.9K Bitcoin to Holdings in First Quarter: On-Chain Data

The stablecoin issuer's BTC stack now tops 75,000 tokens worth about $5 billion.

Actualizado 1 abr 2024, 3:24 p. .m.. Publicado 1 abr 2024, 3:22 p. .m.. Traducido por IA
Tether 's logo painted on a wooden background.
Tether 's logo (Nikhilesh De/CoinDesk)

Tether, the issuer of USDT, the world's largest stablecoin based on market cap, added just shy of 8,889 bitcoin in the first quarter, according to on-chain trackers such as Arkham Intelligence.

Though Tether made no official announcement of the action, a wallet believed to belong to the company shows as having 8,888.8888 bitcoin moved to it on March 31. Tether, of course, has made no secret of its intention to use a portion of its profits to acquire bitcoin.

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That wallet is now the holder of 75,354 bitcoins worth about $5.2 billion at BTC's current price of $69,000, putting Tether's profit at roughly $3 billion.

Read more: Tether's USDT Stablecoin Touches $100B Market Cap, Benefiting From Crypto Trading Frenzy

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Bitcoin’s Long-Term Holders Hit Cyclical Low as Sell Pressure Finally Eases

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Long-term holder supply bottomed when bitcoin sank to $80K, signaling that the wave of spot-driven selling may be nearing exhaustion as prices rebound to $90K.

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  • Long-term holder supply fell to 14.33M BTC in November, its lowest level since March, coinciding with bitcoin’s $80K correction low.
  • The rebound to $90K suggests the bulk of spot-driven selling from seasoned holders has passed after a 36% peak-to-trough decline.
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